As we close out 2019, we’re taking a look back at the apartment rental market in Fenway. This iconic neighborhood is one of the most famous in Boston, and demand for apartments in Fenway is always high for several reasons. The neighborhood is full of great restaurants, shopping and points of interest. It’s located minutes from downtown, and it’s surrounded by some of the areas largest and most prestigious universities.
That means that Fenway has a large population of renters, but the savvy renter knows that in Fenway there is a revolving door of new apartments becoming available year round. The rental market in Fenway is highly cyclical, so if you time your apartment search just right, you can find some great deals in this area.
How Did Apartment Prices Change in the Fenway This Year?
In 2019, Fenway saw a slight increase in average rent prices for 2 bedroom apartments, and a 3.46% jump in 3 bedroom prices. During that same time, prices for 4 bedroom units and 1 bedroom apartments actually decreased by a slight margin. Overall, prices held relatively steady throughout the course of 2019 in Fenway, even while other neighborhoods saw some fluctuations in rents.
These average rent prices and vacancy rate figures are calculated using only non-luxury units in our database of over 166,000 Boston apartment listings. Apartment prices and vacancy information in luxury buildings can be scarce and unreliable, causing variances in true data. Because of this, we opt to exclude luxury listings in our calculations for the most accurate data.
|AVG RENT PRICE 1BR||AVERAGE RENT PRICE 2BR||AVERAGE RENT PRICE 3BR||AVERAGE RENT PRICE 4BR|
How Do Rent Prices in Fenway Compare to Other Neighborhoods?
Comparing average rent prices to that of the entire City of Boston, it’s no surprise that renting in Fenway is more expensive. However, the disparity in average prices is much more pronounced in larger sized apartments than smaller units.
The average rent price for a 1 and 2 bedroom apartment in Fenway is about 10-15% higher currently than that of the City of Boston. For 3, 4, and 5 bedroom units, the Fenway’s average is roughly 20% higher than the City’s average. So renters looking to save money by finding roommates may not find the best deals in Fenway compared to other neighborhoods.
Average Apartment Rent Prices in Fenway and Surrounding Neighborhoods
|City Of Boston||$1,810||$2,173||$2,570||$3,020||$3,659||$4,352|
|BOSTON - FENWAY/KENMORE||$1,852||$2,359||$2,921||$3,917||$5,006||$5,863|
|BOSTON - MISSION HILL||$1,628||$1,876||$2,501||$3,181||$3,906||$4,984|
|BOSTON - ALLSTON||$1,653||$1,891||$2,361||$2,903||$3,745||$4,206|
|BOSTON - NORTHEASTERN/SYMPHONY||$1,912||$2,638||$3,179||$3,963||$4,974||$6,413|
|BOSTON - BACK BAY||$1,970||$2,614||$3,649||$4,395||$6,000|
|BOSTON - NORTH END||$2,047||$2,261||$2,909||$4,043||$5,544|
|BOSTON - SOUTH END||$1,982||$2,646||$3,237||$3,993||$6,029||$7,275|
Fenway’s rent prices are significantly higher than neighboring Brookline, Mission Hill and Allston, however still lower than the neighborhoods of Back Bay, Symphony/Northeastern, and the South End. Prices in Fenway closely mirror that of the North End for smaller size apartments up to 3 bedrooms. However, once you compare 4 bedroom apartments, the North End is much more expensive compared to Fenway.
Apartment Inventory and Real-Time Vacancy in the Fenway
Real-Time Vacancy Rates and Availability Rates in Fenway fluctuate more dramatically than the City of Boston as a whole. Fenway’s rental market is closely tied to the seasonal cycle of incoming freshman and graduating seniors. For most areas in Boston, that is the case, but it’s especially true in the Fenway.
Located all around Fenway are some of Boston’s largest Universities and learning institutions. This creates a revolving door of students who come and go each September. So while demand and pricing in the Fenway will always be high, new opportunities will come by each year for prospective residents. The key to finding a great apartment is timing.
The following chart illustrates the seasonality of Fenway’s apartment market, as well as Boston as a whole. It’s easy to see that the trend is much more pronounced in Fenway. Renters looking to live in Fenway will have their best opportunities starting March to August.
By teaming up a local and knowledgable agent found on Fenway Pads, you’ll be able to design a plan to help you score a great apartment within your budget. Utilize our apartment search service, and a Fenway area rental expert will compile a complete list of Fenway apartments that fit what you’re looking for. They’ll even notify you in advance as new places become available so you can stay ahead of the competition.
For landlords looking to get the most out of their Fenway investment property, contact Fenway Pads for insight and and unmatched real estate services. Gain access to exceptional local apartment data like this and more. Our team of Fenway property experts can help you formulate a strategy to maximize your return. Check out our Fenway landlords page to get started!